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Category > Accounting Posted 21 Aug 2017 My Price 8.00

Hodge Company

Gross Profit Method  On November 21, 2007 a fire at Hodge Company’s  warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold   for

$10,000. The following information was available from Hodge’s accounting records for Product Tex:

Inventory at November 1, 2007                                                                   $100,000

Purchases from November 1, 2007 to date of fire                                      140,000

Net sales from November 1, 2007 to date of fire                                       220,000

Based on recent history, Hodge had a gross margin (profit) on Product Tex of 30% of net sales.

Required

Prepare a schedule to calculate the estimated loss on the inventory in the fire, using the gross margin (profit) method. Show supporting computations in good form.

Answers

Maurice Tutor
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Status NEW Posted 21 Aug 2017 04:08 PM My Price 8.00

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